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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    706 Broadway Ave, Unit 718 Bedford, OH 44146-3642

    • Retail space
    • 6,975 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Oct 08, 2024
    $180,000
    Value Estimations
    $180,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2013928
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 706 Broadway Ave

    Year built
    1921
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.19 lot acres
    Property size
    6,975 SF
    Zone code
    H-D
    Property type
    Retail space
    APN
    812-13-059
    APU
    81213059

    Description

    This exceptional investment opportunity presents a 7-unit retail storefront building totaling 6,975 square feet, situated on a 0.185-acre lot in Bedford, Ohio's historic downtown. The property, built in 1921, features a single-story brick structure with over 117 feet of frontage on Broadway Avenue (706-718). Currently housing seven tenants, this multi-tenant property offers significant upside potential due to unchanged lease terms since the tenants' inception. While the building is in good condition, the roof requires some attention. The property boasts separately metered electric and gas for each unit, adding to its operational efficiency. The asking price is $275,000, translating to less than $51 per square foot for this occupied multi-tenant building—well below replacement cost. The property's location benefits from strong demographics within a 3-mile radius, showcasing an upward trend in housing, population, and average household income ($63,539). The property's APN is 812-13-059 and is zoned for Historic Downtown use. This presents a rare chance to acquire a well-located, established retail center with substantial value-add potential. The lease type is gross, and tenant credit history is not available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $180,000
      ML approach
      $180,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $187,000
      Market price range: $130k - $458k
      AI Estimate
      $182,000
      Market price range: $155k - $547k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bedford
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.5352
    Latitude
    41.391
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,396
    $11,310
    $59,010
    $70,320
    -
    $32,300
    $168,600
    $200,900

    Comparable in this City

    • Value Estimation
      $240,000
      5,000 SF

      26405 Broadway Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,000 SF
      26405 Broadway Ave, Bedford, OH 44146-6518
      View Details
    • Value Estimation
      $190,000
      552 SF

      692 Broadway Ave

      RETAIL STORES (PERSONAL SERVICES) • 552 SF
      692 Broadway Ave, Bedford, OH 44146-3642
      View Details
    • Value Estimation
      $545,000
      35,784 SF

      5377 Northfield Rd, Unit 89

      RETAIL STORES (PERSONAL SERVICES) • 35,784 SF
      5377 Northfield Rd, Bedford Heights, OH 44146-1133
      View Details
    • Value Estimation by Request
      0.75 Acres

      21240-21250 Rockside Rd

      Automotive properties • 12,365 SF
      21240-21250 Rockside Rd, Bedford, OH 44146
      View Details
    • Value Estimation
      $220,000
      1,340 SF

      990 Broadway Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,340 SF
      990 Broadway Ave, Bedford, OH 44146-4519
      View Details
    • Value Estimation
      $160,000
      917 SF

      616 Northfield Rd

      RETAIL STORES (PERSONAL SERVICES) • 917 SF
      616 Northfield Rd, Bedford, OH 44146-2305
      View Details

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      Residential Land in Bedford, OH

      Building lot in Bentbrook Community with city services and tax abatement.
      62 Hubbell Way, Bedford, OH 44146
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    Similar Nearby for Lease

    • Contact for pricing
      12,531 SF

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    • $10 SF/Yr
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    • Contact for pricing
      110,000 SF

      Access Point II: Prime Ohio Space

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      View Details
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    706 Broadway Ave, Unit 718
    Bedford, OH 44146-3642
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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